International Assets Investment Management LLC Makes New $92.49 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

International Assets Investment Management LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 36,368 shares of the medical equipment provider’s stock, valued at approximately $92,490,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Fulcrum Capital LLC boosted its holdings in Align Technology by 3.4% during the third quarter. Fulcrum Capital LLC now owns 8,723 shares of the medical equipment provider’s stock worth $2,218,000 after buying an additional 283 shares during the last quarter. Greenleaf Trust lifted its holdings in shares of Align Technology by 5.2% during the 3rd quarter. Greenleaf Trust now owns 1,329 shares of the medical equipment provider’s stock valued at $338,000 after purchasing an additional 66 shares in the last quarter. Pictet North America Advisors SA lifted its holdings in shares of Align Technology by 1.1% during the 3rd quarter. Pictet North America Advisors SA now owns 8,143 shares of the medical equipment provider’s stock valued at $2,071,000 after purchasing an additional 88 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Align Technology by 44.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,473 shares of the medical equipment provider’s stock valued at $375,000 after purchasing an additional 453 shares in the last quarter. Finally, Everence Capital Management Inc. lifted its holdings in shares of Align Technology by 68.4% during the 3rd quarter. Everence Capital Management Inc. now owns 2,610 shares of the medical equipment provider’s stock valued at $664,000 after purchasing an additional 1,060 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent analyst reports. Piper Sandler cut their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday. Robert W. Baird cut their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday. Evercore ISI dropped their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday. Morgan Stanley dropped their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $276.38.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.62% of the company’s stock.

Align Technology Stock Up 1.3 %

NASDAQ:ALGN opened at $219.30 on Friday. The firm has a market capitalization of $16.51 billion, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $335.40. The stock’s 50 day moving average price is $233.41 and its two-hundred day moving average price is $250.02.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.62 EPS. As a group, analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Align Technology Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.